Subsequent Events	6 Months Ended
Jun. 30, 2012
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 10. SUBSEQUENT EVENTS Issuance of Preferred Stock On July 31, 2012, the Company closed a public offering of 425,000 shares of its non-convertible 10% Series C Preferred Stock (liquidation preference of $25.00 per share) at a public offering price of $21.00 per share. The net proceeds to the Company from the offering were approximately $8.3 million, net of underwriter discounts, commissions and estimated offering expenses. Blue Water Acquisition On July 31, 2012, we exercised our option to acquire Blue Water and paid $675 thousand in cash. We funded the option exercise with a portion of the proceeds from the sale of our 10% Series C Preferred Stock. We had previously paid $765 thousand in cash, issued $500 thousand of our 10% Series C Preferred Stock, 242,471 shares of our common stock valued at $512 thousand, and assumed net liabilities of the previous owner of the wells totaled $75 thousand as payments on the option. Additionally, we spent approximately $157 thousand in repair and cleanup of the well sites prior to exercising the option. Conversion of Series B Debentures Since June 30, 2012, approximately $295 thousand of our Series B Debentures have been converted into 13,273 shares of our 10% Series C Preferred Stock. Conversion of Executive Accrued Payroll On July 10, 2012, our Chairman and Chief Executive Officer converted $50 thousand of accrued and unpaid payroll into 27,322 shares of our common stock. Repayment of Note Payable to Related Party On July 17, 2012 and on July 31, 2012, the company repaid $30 thousand and $500 thousand of the borrowings on promissory notes due to our Chairman and Chief Executive Officer. On August 9, 2012, the company repaid the remaining $1.3 million of the borrowings on the promissory note due to our Chairman and Chief Executive Officer.

Subsequent Events

6 Months Ended

Jun. 30, 2012

NOTE 10. SUBSEQUENT EVENTS

Issuance of Preferred Stock

On July 31, 2012, the Company closed a public offering of 425,000 shares of its non-convertible 10% Series C Preferred Stock (liquidation preference of $25.00 per share) at a public offering price of $21.00 per share. The net proceeds to the Company from the offering were approximately $8.3 million, net of underwriter discounts, commissions and estimated offering expenses.

Blue Water Acquisition

On July 31, 2012, we exercised our option to acquire Blue Water and paid $675 thousand in cash. We funded the option exercise with a portion of the proceeds from the sale of our 10% Series C Preferred Stock. We had previously paid $765 thousand in cash, issued $500 thousand of our 10% Series C Preferred Stock, 242,471 shares of our common stock valued at $512 thousand, and assumed net liabilities of the previous owner of the wells totaled $75 thousand as payments on the option. Additionally, we spent approximately $157 thousand in repair and cleanup of the well sites prior to exercising the option.

Conversion of Series B Debentures

Since June 30, 2012, approximately $295 thousand of our Series B Debentures have been converted into 13,273 shares of our 10% Series C Preferred Stock.

Conversion of Executive Accrued Payroll

On July 10, 2012, our Chairman and Chief Executive Officer converted $50 thousand of accrued and unpaid payroll into 27,322 shares of our common stock.

Repayment of Note Payable to Related Party

On July 17, 2012 and on July 31, 2012, the company repaid $30 thousand and $500 thousand of the borrowings on promissory notes due to our Chairman and Chief Executive Officer. On August 9, 2012, the company repaid the remaining $1.3 million of the borrowings on the promissory note due to our Chairman and Chief Executive Officer.